Petrobras makes its entry into eastern Bolivia official

Brazilian state-controlled oil giant Petrobras signed a contract over the weekend with Bolivian state-owned energy company YPFB covering petroleum exploration in Cedro, an area in eastern Bolivia, officials said.

YPFB CEO Carlos Villegas and Petrobras Bolivia chief Erick Portela signed the contract on Sunday, opening the way for the start of exploration in Cedro, YPFB said in a statement.

"In the next few days, the Brazilian oil company will present its work plan and budget to YPFB," the Bolivian energy company said.